Show notes
This week Chris sits down with Ric Campo, co-founder and Executive Chairman of Camden Property Trust $CPT. Ric and Keith Oden started the company in Houston in 1982 and took it public in 1993.They discuss:• How he and Keith Oden made a 45-year partnership work• What Paul Volcker told him that made him sell everything• How a dying deal in 2007 warned him the crisis was coming• Why he measures leverage by cash flow instead of value• Why he told his employees to turn off the TV in 2009• Why Camden sold California to buy back its own stock• Why he walked away from two deals when the 10-year Treasury passed 5%• Why he's bullish on rents over the next few years• Why AI at Camden has to raise revenue or cut costsTimestamps(00:00) Intro(01:00) Reinventing Yourself Every Few Years Over a 50-Year Career(06:24) Working Alongside Co-Founder Keith Oden for 45 Years(12:42) How a 1985 Meeting With Paul Volcker Saved the Company(17:23) Losing a $1 Billion Loan Commitment in 2007(20:25) Creating Urgency in a Slow Industry and the California Sale(26:10) Selling California to Buy Back Stock at a Discount(31:50) The Real Advantages of Being a REIT(35:38) Why Camden Runs Low Leverage After Missing a $40 Million Trade(42:26) Leading 1,800 Employees Through the 2008 Financial Crisis(49:50) When Camden Knew It Had Survived 2008(52:53) Why This Is the Most Unusual Multifamily Market in 40 Years(56:08) Why Camden Walked Away From Deals When the 10-Year Hit 5%(1:03:11) The Case for Rent Growth Over the Next Three to Five Years(1:07:52) How Camden Measures the Return on AI(1:13:22) Using AI for Predictive Maintenance and Site Selection(1:19:18) The Hardest Part of Running Camden Today===Presented by Juniper Square:Juniper SquareJuniper Square is the operations partner for GPs in private equity, venture capital, oil and gas, real estate, and infrastructure. It brings technology, data, and administration together on one governed source of truth you own, so your team spends less time reconciling and more time running the firm your LPs are backing. Learn more at https://www.junipersquare.com/powers===Sponsored by:Collateral PartnersCollateral Partners builds institutional-grade investor materials for private credit, private equity, real estate, and family office firms, the kind of marketing collateral that helps you close capital. Learn more at https://collateral.com/powersRelay Human CloudRelay Human Cloud gives you pre-vetted, fully managed global talent for up to 75% less than hiring locally. Your best people stop doing repetitive work and get back to the work that moves your company forward. Learn more at https://www.relayhumancloud.com/powers===Chris on Social Media:X: https://x.com/fortworthchrisInstagram: https://www.instagram.com/thepowerspodcastLinkedIn: https://bit.ly/45gIkFdWatch POWERS on YouTube: https://bit.ly/3oynxNXVisit our website: https://www.powerspod.com/Leave a review on Apple: https://bit.ly/45crFD0Leave a review on Spotify: https://bit.ly/3Krl9jO
